Cbn stipulates n10000 fine for banks for unrectified failed e transactions
According to the Central Bank of Nigeria (CBN), banks that fail to rectify failed electronic transactions (e-transactions) within the stipulated timeframe will be fined N10,000 per transaction.
This is a new directive aimed at ensuring that banks and other financial institutions prioritize the resolution of failed e-transactions to prevent losses and inconvenience to customers.
Here are some key points to note:
- Failed e-transactions: The CBN defines failed e-transactions as those that are declined or rejected by the bank or the payment system due to various reasons such as insufficient funds, invalid account numbers, or technical issues.
- Rectification timeframe: Banks are expected to rectify failed e-transactions within 24 hours of notification by the customer or the payment system.
- Fine for non-compliance: Banks that fail to rectify failed e-transactions within the stipulated timeframe will be fined N10,000 per transaction.
- Customer protection: The CBN's directive aims to protect customers from losses and inconvenience caused by failed e-transactions. It also aims to promote a culture of transparency and accountability in the banking industry.
- Monitoring and enforcement: The CBN will monitor banks' compliance with the directive and take enforcement actions against banks that fail to comply.
Overall, this directive is a positive step towards improving the efficiency and reliability of e-transactions in Nigeria, and ensuring that customers receive the service they deserve.